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Crypto Corner: Binance CEO "Not Really" Worried About Low Trading Volumes, Singapore's Central Bank and Stock Exchange Establish Blockchain for Asset Settlement

November 12th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - November 12, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: #Binance CEO "Not Really" Worried About Low Trading Volumes, Singapore's Central Bank and Stock Exchange Establish #Blockchain for Asset Settlement

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Crypto Corner

Market Stable Through Weekend, Binance CEO "Not Really" Worried About Low Trading Volumes, Singapore's Central Bank and Stock Exchange Establish Blockchain for Asset Settlement, South Korea's Zeniex to Close Down and US Museum Accepting Bitcoin

Though tumbling about $10 billion USD after Wednesday last week, the crypto market has remained fairly stable over the weekend, hovering between a total market capitalization of $210 billion to the $212 billion at press time, according to data from CoinMarketCap. Bitcoin (BTC) currently trades for $6400 USD and holds a 52.2 percent market dominance.

When asked by Ran Neuner on CNBC's Crypto Trader whether he was "worried" about low trading volumes, Binance CEO Changpeng Zhao (CZ) said "not really". CZ explained that low volumes were a function of stable prices and that though volumes were much lower than the market's peak seen earlier this year, they were still considerably higher when compared to previous years.

"When there's no movement in price, people trade less, which is understandable. Compared to January, we're probably down 90 percent, so we only have one tenth of the trading volume compared to January. But compared to a year or two years ago, we're still trading at huge volumes."

According to a recent announcement, the Monetary Authority of Singapore (MAS) and Singapore Exchange Limited (SGX) - the country's central bank and stock exchange, respectively - have successfully leveraged blockchain technology for the settlement of tokenized assets. According to the release, this development will "help simplify post-trade processes and further shorten settlement cycles". The Chief FinTech Officer of MAS, Sopnendu Mohanty, said of the project:

"Blockchain technology and asset tokenization are fuelling a new wave of innovation globally. This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term. The concept of asset tokenization, as well as other learnings gleaned from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities."

After only having been established in May of 2018, South Korean crypto exchange Zeniex is being forced to close down, according to a recent announcement. This comes amid a series of government crackdowns in the country. Trade has already ceased on the platform, but it will formally close down later this month on November 23.

Beginning tomorrow, the Great Lakes Science Center museum in Cleveland, Ohio, will accept Bitcoin as a payment method. According to local outlet Crain's Cleveland Business, will use BitPay to process payments at their box office. The Center's president and CEO, Kirsten Ellenbogen, commented on the move, which was inspired by the Blockchain Solutions Conference.

"There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland."

Sam Mowers, Investorideas

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